Today, as businesses of all sizes and types "down size" or "right size" for operational efficiency they seek to outsource nonessential activities including the processing and depositing of receivables payments. For many companies, payments are received for processing with documents that are nonstandard sizes and lack encoding for automated capture. Other transactions have no remittance data at all! This has dictated that these transactions be manually processed, using "hand keyed" data entry, which is error prone and costly.

Until now, there has not been an automated solution available to address the specific needs of low to medium volume accounts, Bank of Alameda’s Remittance Processing Service eases the administrative burden in processing customer payments and allows Bank of Alameda to take care of processing your customer payments. Your business simply focuses on signing up new customers.

How It Works

Remittance Processing Service is a lock box service that includes receipt, deposit and posting of end-user payments. Bank of Alameda picks up customer payments at the post office. We employ validity checks and data references to apply the payments accurately using our state-of-the-art check processing equipment. The checks are deposited and customer payments are posted. Dishonored checks are quickly and accurately processed as well. We process match items, mismatch items (when the check doesn't equal the amount on the stub or coupon), and multiples (when one check pays for many accounts, or one account is paid with many checks).

Benefits

Remittance Processing Service handles customer payments accurately and on time.

Our service eliminates the costs associated with picking up customer payments from the post office and processing and depositing them.

Applications

Remittance Processing Service enables your company to spend more time on core business issues.

Our service minimizes your staffing requirements for attending to customer account receivables.

Using Bank of Alameda's Remittance Processing Service can improve your cash flow and add one-bill convenience for your customers.